Nilesh Shah: Why Global Investors Are Eyeing India As The Anti-ai Trade

In this Diwali special conversation, Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Company Ltd, shares what he found during his recent trip to the US, where he met customers and investors before returning home for the festival. Contrary to the reports that foreign investors are not looking at India, he says everyone he met was watching the country closely. He explains why global investors see India as an anti-AI trade and are keen on bottom-up ideas. Having pulled money out of India and made big gains in South Korea and Taiwan, they could return on the back of lower oil prices and cheaper valuations. He also talks about how the market is now cheaper, the depth of India’s bottom-up opportunities, and why India stands out as the only real option for global investors within BRICS. He acknowledges that markets like South Korea and Taiwan may outperform for stretches because of their AI strength, and that frictions such as capital gains tax will remain. Still, as long as valuations stay attractive, he expects flows to come. Watch the whole interview to hear his complete view on foreign flows, valuations and where India stands in the global allocation map.

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